Whether planned or unplanned, financial needs can emerge at any time without any warning. During those times, one resorts to dipping into investments or taking out credit. Gold investments have been a saviour in financial distress and are preferred by most people. Be it for higher education, medical emergency or wedding expenses, you can always rely on the power of gold to take you out of financial distress. You can instantly access your idle-lying gold equity for a gold loan and meet any financial requirement quickly. Especially during the pandemic, a quick gold loan can help you and your family overcome the problems related to funds.
Finding the right one can get challenging with so many lenders out there. We have formulated this list containing the best loan providers to help you avail of the lowest gold loan interest rates.
So, let’s look at some of the best places to avail gold loans amidst the Omicron outbreak.
1. Muthoot Fincorp
With over 135 years of earned trust and 1 lakh customers catered to every day, Muthoot FinCorp offers the best loan instruments to individuals in dire need. Gold loans at Muthoot are disbursed, offering upto 75% of the value of your gold. Flexible repayment tenures can be as short as seven days or as long as three years. During the Omicron outbreak, expenses incurred in health emergencies can be instantly financed through a quick loan disbursal amount by Muthoot FinCorp.
Muthoot FinCorp offers various gold loan schemes, including Take It Easy, Easy Pro, Easy Blue, Easy Max, and Easy Plus Gold Loans. The interest rates provided by the financial institute starts just at 6.9% p.a. You can take a loan of up to 1 crore by paying nominal processing fees and no foreclosure or hidden charges. The eligibility is easy to meet, and documentation is kept minimal so that you can get the loan effortlessly to deal with the financial challenges during the omicron outbreak or else.
2. HDFC Bank
HDFC Bank is also one of the lowest gold loan interest rate providers. With HDFC, you can get up to 80% of the market value of the gold commodity you hold. The repayment tenure is flexible and can be as short as three months or as long as 24 months. The loan amount you receive depends on your equity but will never be lower than 25,000. The lender offers three schemes to choose from Term Loan, OD, and Bullet repayment. The interest rate applied on loans starts at just 9.90% p.a onwards.
3. ICICI Bank
ICICI Bank provides loans up to 1 crore rupees against your gold jewellery. The minimum loan amount one can avail of is 10,000 at the lowest interest rate amounting to 11% p.a. The loan repayment can be made between 3 to 12 months, and only 1% of the loan amount is charged as a processing fee. The disbursal time of the loan is 60 minutes, and charges on the documents are applied, which are nominal Rs.199.
4. Axis Bank
Axis bank provides gold loans with a minimum amount of 25,000 and a maximum of 25 lakhs. You can choose the repayment tenure from 3 months to 3 years. The bank only accepts jewellery and gold coins sold by the bank. 1% of the total loan amount is charged as a processing fee with an interest rate starting from 12.50% p.a onwards.
5. Bank of Baroda
Bank of Baroda provides loans against gold at a highly competitive interest rate. Gold loans of up to 25 lakhs* can be taken at an interest rate of just 8.75% onwards. The maximum repayment tenure is kept to be 12 months. The gold accepted by the institute are ornaments, jewellery, and minted gold coins sold by the bank with 18K purity. 0-0.5% of the loan amount is charged as a proto to repay 3,500.
6. State Bank of India
State bank of India provides the best gold loan interest rate starting at just 7.50% onwards. One can take loans with a maximum amount of 50 lakhs. The repayment tenure can go up to 36 months, and gold ornaments verified for purity and quality are only accepted. SBI does not charge any processing fee if applied online by YONO else, a minimum amount of Rs. 250 is charged.
These are the best lenders who provide the lowest gold loan interest rate so that you put the gold on work and achieve your goals. When applying for a gold loan online, you must consider the following points; the value of gold in the market, loan tenure, the amount you wish to borrow, and the installments. You can use the online gold loan calculator to decide the convenient installments to make repayment easier for you. With Muthoot FinCorp, you know where you should apply for a gold loan amidst the omicron outbreak.
